Shaw, Hull and Navarrette, CPA's

Meal, entertainment and fringe benefit changes. There are five changes to note in this area, all effective for amounts incurred or paid after Dec. 31, 2017: (1) Deductions for business-related entertainment expenses are disallowed. (2) The 50% limit on the...

Today we highlight a few of the tax changes that apply in 2018 to businesses. Corporate tax rate reduced. For tax years beginning after Dec. 31, 2017, the corporate tax rate is a flat 21% rate. Dividends received deduction percentages reduced. For tax years beginning...

Last week we discussed a few of the provisions of the game-changing 2017 tax reform. We continue the discussion this week with some additional highlights of the tax changes that apply in 2018. ABLE account liberalizations. Effective for tax years beginning after Dec....

2017 Individual Income Tax Reform The new tax year is a true game-changer for taxpayers as many decades-old tax rules have been repealed or suspended and many new ones are going into effect. Below is a brief summary of a few of the changes. Revised income tax rates...

Preparing to end the payroll year Whether you prepare payroll in-house or outsource the task, there are a few end of year items that should be completed. Update employee contact information: Make sure that you have correct and complete social security numbers and...

Year-End Tax Planning for Individuals ...Higher-income earners must be wary of the 3.8% surtax on certain unearned income. The surtax is 3.8% of the lesser of: (1) net investment income (NII), or (2) the excess of modified adjusted gross income (MAGI) over a threshold...

IRS has issued a reminder to employers and other businesses that 2017 W-2 and 1099-MISC forms that report non-employee compensation must be filed by Jan. 31, 2018. In general, information returns are required to be filed for compensation paid by persons engaged in a...

A little more detail on what to expect if a major tax law is enacted this year. Although both the House and Senate have tax bills in process, it is by no means a sure bet. So keep a close eye on the news because we can’t be positive of any change until the ink is dry...

Mark your calendars for December 15, 2017! The clock is quickly ticking towards the deadline to sign up for health insurance for 2018. The 2018 open enrollment period is shorter than in previous years. The window opened on November 1, 2017 and the enrollment period...

Tax-related identity theft. Each filing season we have a few taxpayers who have the unfortunate situation of having their e-filed return rejected because a return has already been filed using their social security number. Unfortunately, we expect the trend to...

It seems like nearly every week the news warns us of a new identity theft or financial fraud scam. There are several schemes currently ciruculating with fraudsters impersonating IRS representatives. Straight from the IRS website, here are a few scams you need to...

Tax updates - Fall 2017 The following is a summary of a few important tax developments that have occurred in the past three months. President Trump and key lawmakers reveal tax reform plan. The document provides some detail but leaves many specifics to be worked out...

As we move into the fall season, we want to take time to discuss a few summer updates from the IRS. Today we talk about the ability to amend returns for expensing election, the recently released 2018 inflation adjustments for Health Savings Accounts and information...

The U.S. Citizenship and Immigration Service (USCIS) published a revised I-9 form in July 2017. On September 18, 2017 employers must use the revised form with a revision date of 07/17/17 N. The new form was modified with the intention to make it easier to navigate and...

Can you take a medical expense deduction for the costs of weight-loss program? The answer is a qualified yes. A weight-loss program is a deductible medical expense only if you participate in the program as treatment for a specific disease diagnosed by a physician. If...

Given the ever-escalating cost health care, one cost-effective option to consider is a health savings account (HSA). For eligible individuals, HSAs offer a tax-favorable way to set aside funds to meet future medical needs. Here are the key tax-related elements:...

Deductions for business meals and entertainment expenses require you to jump through a couple extra hoops to qualify as deductible and they may be subject to limitations. Nevertheless, if you pay careful attention to rules outlined below, the expenses should qualify...

The IRS limits the annual depreciation and expensing deductions for the majority of automobiles to specific dollar amounts. These amounts are inflation-adjusted each year. For autos (not trucks or vans) first placed in service during 2017, the dollar limit for the...